Sports Gambling is Turning to Bitcoin as a Payment Method

Cryptocurrencies are Taking of Sports Betting

Over the last few years, many people have heard about Bitcoin. The digital currency has become increasingly popular with the millennial generation, and many are using it as a store of value.

Due to its relative anonymity, many people are also looking for ways to use BTC in order to place bets online. With Bitcoin, there is no need to enter you bank card details and users are pretty much in control of their funds. That is, they are able to use BTC for their bets under any circumstances, since banks are not involved in the whole process.

Online gambling websites like 888sport and Betway are already implementing Bitcoin payments on their website. Yet, many seem to dislike the popular cryptocurrency due to its rapidly changing value over time. But is this really an issue?

Why you should consider using Bitcoin for bets

Bitcoin bets have several benefits over traditional currencies, and you might just want to consider them. Let’s take a look at what makes BTC a great betting option.

Very low fees - Nearly all sportsbooks charge minimal fees when using Bitcoin and other cryptocurrencies.

Safer and faster deposits - Bitcoin also doesn’t need long processing times, which are often seen with banks. Popular BTC gambling platforms process payments in a few minutes.

Secure withdrawals - When using sports betting platforms, processing speed of Bitcoin withdrawals is also much faster. The best BTC sportsbooks process payments very fast and have almost instant withdrawals.

Pseudo Anonymity - While Bitcoin is not completely anonymous it does have certain characteristics that increase your privacy. Your transactions are still visible on the Blockchain but no one is able to identify your through this information.

Several crypto-only sportsbooks do not require users to create an account. This means that you won’t need to reveal any of your personal information.

Bitcoin sports betting is changing the industry landscape

Digital currencies are not new to sports betting. In fact, companies like Neteller, Skrill, and Payeer have all been very popular when it comes to e-gambling. However, the United States are still trying to “catch up” when it comes to a regulated market. Apart from Nevada, there is pretty much no regulatory framework in any other state, when it comes to online gambling.

The gambling possibilities in other countries are at a better place. Because the US government has actively been trying to suppress and eliminate betting websites, ever since the UIGEA was passed 10 years ago, other locations have managed to build out their platforms with an eye on great user experience.

This is especially true for offshore locations where US residents often to travel to.

This is exactly why Bitcoin has changed the way we bet on sports. As aforementioned, Bitcoin is not controlled by any financial institutions, which means that it is decentralized. Banks are not able to control your funds, freeze your account or confiscate your Bitcoin.

Since Bitcoin gambling websites are quickly growing, a large amount of that is directly linked to sports betting. Back in 2013-2014, there was more of a split between cryptocurrency and FIAT only betting websites. If one would accept the one, it would not accept the other. This is no longer true.

Sports betting in the years to come

In the next couple of years, bettors will see more and more platforms support BTC payments. Aside from that, we are expected to see BTC-only books. This means that platforms will receive payments and subsequently make payouts in Bitcoin, without having to convert it into US dollars, British pounds or Euros.

That being said, most popular betting platforms do accept at least some form of BTC payments. This is done through third party widgets that instantly convert cryptocurrency into government-based currency.

For example, once a user deposits BTC in their account, it is converted to the currency of preference. Then, once a payout is requested, the funds can be converted back into Bitcoin and paid out.

So, if you have not yet decided to buy Bitcoin, maybe now is the time to do so. If not for its decentralization, then you could certainly enjoy its risk-to-reward potential.